I have been using the pod hd 500 for a couple of months for giging and jamming.
The 500x offers the same thing but with better sound quality, I think.

I have been plugging it into the power amp (effect loop return) of the amps that are available where I gig/jam. If you do that remember to remove cabinet simulation in your patches. It works very well. Sometimes I plug it straight into my computer at home with the usb cable for recording and that works well too and theres no latency.
You can also use xlr cables and plug the pod in stereo with a mixing console.
That works well too.

This little piece of gear is a very good bang for the buck. But beware, there a good learning curve before you get comfortable with it and make good sounding patches.
I suggest you check out the line 6 community if you buy one, for tips.